RAJKUMAR CHELLAPPAN PILLAI Vs. STATE OF KARNATAKA

JUDGEMENT

(1.) The petitioners, three in number, are knocking at the doors of this Court calling in question registration of a crime in Crime No.34 of 2023 for offences punishable under Ss. 409, 420 and 34 of the IPC, pending before the III Additional Chief Metropolitan Magistrate, Bengaluru.

(2.) Facts adumbrated, are as follows:

(3.) The 2nd respondent is the complainant and he is the Managing Director of a German Company "Bauer GmBH" ('the Germany Company' for short). The Zonta Company and the German Company establish a Joint Venture Company for setting up manufacturing facility at Peenya Industrial Area for production of underground waste containers by entering into a shareholding agreement. On 21/2/2017, Zonta Company and the German company - complainant further enter into equity subscription and debt financing agreement, the second agreement. In furtherance of aforesaid agreements, Zonta Company receives an investment from the complainant through aforesaid agreement dtd. 21/2/2017, in particular. Zonta Company then avails loan from Axis Bank for expanding business even beyond the shores of the Nation for which, the complainant furnishes a guarantee by way of a stand by letter of credit for 2.28 million Euros. The Nation then engulfed with COVID-19. Several transactions have happened between the parties. On 30/11/2021, Zonta Company holds its Annual General Meeting which confirms certain new orders bagged by it at different places. The father of the complainant who was also a Managing Director of the German company causes a legal notice upon the petitioners demanding certain payment. Disputes on those payments arose. All the parties sit together and enter into a settlement agreement on 6/10/2022. In terms of the settlement agreement, Zonta Company makes part payment of 27,500 Euros to the complainant. Pursuant to the said payment, certain disputes arose with regard to interpretation of what would be the part payment. Alleging violation of the settlement agreement, the impugned complaint comes to be registered on 8/3/2023 in Crime No.34 of 2023. Therefore, the entire issue has now sprung from the breach of agreements.